$ORC

Orchid Island Capital, Inc.

CIK:0001518621|SEC Filings

Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income	$ 164,187	$ 92,289	$ 322,025	$ 173,379
Interest expense	(104,215)	(69,135)	(204,990)	(130,512)
Net interest income	59,972	23,154	117,035	42,867
Realized gains (losses) on mortgage-backed securities	885	(7,990)	924	(9,288)
Unrealized (losses) gains on mortgage-backed securities	(27,302)	9,540	(143,270)	87,132
Gains (losses) on derivative and other hedging instruments	62,400	(53,286)	108,708	(127,945)
Net portfolio income (loss)	95,955	(28,582)	83,397	(7,234)
Management fees	4,123	2,982	8,111	5,729
Allocated overhead	585	582	1,371	1,190
Incentive compensation	415	228	1,830	21
Directors' fees and liability insurance	323	334	635	672
Audit, legal and other professional fees	400	360	712	753
Direct REIT operating expenses	509	247	981	474
Other administrative	408	263	520	383
Total expenses	6,763	4,996	14,160	9,222
Net income (loss)	89,192	(33,578)	69,237	(16,456)
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net income (loss)	(277)	(64)	(556)	186
Comprehensive net income (loss)	$ 88,915	$ (33,642)	$ 68,681	$ (16,270)
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.44	$ (0.29)	$ 0.35	$ (0.16)
Weighted Average Shares Outstanding (in shares)	200,932,367	114,453,216	195,140,950	104,742,591

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 69,237	$ (16,456)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock based compensation	1,674	(50)
Net discount accretion on U.S. Treasury securities	(260)	(316)
Realized (gains) losses on mortgage-backed securities	(924)	9,288
Unrealized losses (gains) on mortgage-backed securities	143,270	(87,132)
Realized and unrealized (gains) losses on derivative instruments	(96,192)	144,349
Changes in operating assets and liabilities:
Accrued interest receivable	(4,284)	(8,938)
Other assets	(701)	(196)
Accrued interest payable	17,878	3,098
Other liabilities	383	393
Due to affiliates	141	182
NET CASH PROVIDED BY OPERATING ACTIVITIES	130,222	44,222
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(183,025)	(74,098)
Sales and maturities	356,475	733,904
Purchases of U.S. Treasury securities, available-for-sale	(183,025)	(74,098)
Proceeds from maturity of U.S. Treasury securities, available-for-sale	135,000	50,000
Net payments on reverse repurchase agreements	(367,215)	0
Net proceeds from (payments on) derivative instruments	460,032	(131,446)
NET CASH USED IN INVESTING ACTIVITIES	(1,009,060)	(1,817,749)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	42,801,202	28,368,377
Principal payments on repurchase agreements	(41,829,753)	(26,738,041)
Cash dividends	(131,046)	(73,026)
Proceeds from issuance of common stock, net of issuance costs	135,525	344,840
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(8,016)	(7,348)
NET CASH PROVIDED BY FINANCING ACTIVITIES	967,912	1,894,802
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	89,074	121,275
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	724,561	335,053
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	813,635	456,328
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	187,113	127,414
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(2,273,827)	(2,728,263)
Sales and maturities	356,475	733,904
Principal repayments	863,500	332,154
Purchases of U.S. Treasury securities, available-for-sale	$ (2,273,827)	$ (2,728,263)

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS:
Mortgage-backed securities, at fair value (includes pledged assets of $11,446,771 and $10,502,743, respectively)	$ 11,540,164	$ 10,628,658
U.S. Treasury securities, available-for-sale (amortized cost of $183,000 and $134,715; includes pledged assets of $182,862 and $135,133, respectively)	182,862	135,133
Cash and cash equivalents	682,598	665,865
Restricted cash	131,037	58,696
Accrued interest receivable	53,411	49,127
Derivative assets	15,062	9,253
Reverse repurchase agreements	495,828	128,613
Receivable for investment securities and TBA transactions	2,017	0
Other assets	1,133	648
Total Assets	13,104,112	11,675,993
LIABILITIES:
Repurchase agreements	11,086,915	10,115,466
Payable for investment securities and TBA transactions	0	1,519
Dividends payable	19,986	21,865
Derivative liabilities	4,723	1,846
Accrued interest payable	49,275	31,397
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	496,036	128,724
Other liabilities	4,117	1,567
Total Liabilities	11,662,854	10,304,045
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common Stock, $0.01 par value; 400,000,000 shares authorized, 199,603,438 shares issued and outstanding as of June 30, 2026 and 181,985,900 shares issued and outstanding as of December 31, 2025	1,996	1,820
Additional paid-in capital	1,553,904	1,553,451
Accumulated deficit	(114,504)	(183,741)
Accumulated other comprehensive (loss) income	(138)	418
Total Stockholders' Equity	1,441,258	1,371,948
Total Liabilities and Stockholders' Equity	13,104,112	11,675,993
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,802	$ 1,661